Reports abound with news of a ‘failed generation’ of young adults who cannot get into higher education, or are coming out of university with massive debts – only to find they are joining the huge number of young unemployed who are struggling to find jobs.

John Bailey of chartered accountants Haines Watts in Reading said, “These young people should be making up the British workforce of the future and we cannot afford to watch them fail. Some may make excellent self-employed business people if pointed in the right direction, for example.

“Haines Watts in Reading is encouraging those young people who have taken up the challenge of getting ahead in today’s work environment and are succeeding in starting their own business.

"We are running the Haines Watts Young Entrepreneur Award 2010 for promising talent and have seen some excellent candidates so far. There is still time to enter the competition as the closing date is 30 September.”

A recent survey by Haines Watts, ‘Happiness & Heartbreak: The Life of a business owner’, revealed that just 13% of business owner respondents were aged under 40.

Bailey continued: “We do wonder whether there will be enough business leaders in the future to support business growth if young talent is not encouraged now?

"Practical things can be done, like helping students to understand the basics of money or tax or how to start a business.

"Those who are already entrepreneurs, and who enter our competition, will automatically receive two months’ free membership of Nigel Botterill’s Entrepreneur’s Circle.

"Nigel is a serial entrepreneur and founder of the highly successful national “Bestof” online business directory. His Entrepreneur’s Circle is an outstanding resource – so even if you aren’t selected for the final, you’ll still get some really excellent support. In addition, winners receive a mentoring programme with Haines Watts amongst other benefits.”

The Haines Watts Young Entrepreneur Award is open to any young person up to the age of 30 who lives, works or studies in the Thames Valley area (Berkshire, Hampshire, Surrey, Buckinghamshire and Oxfordshire) and who is running or planning a business for profit or for charitable purposes.

Regional winners will receive a £250 cash prize, combined with a mentoring and support programme with Haines Watts, and will go through to a grand final. The overall winner will receive a top prize of £500.

For further information about the Haines Watts Young Entrepreneur Award 2010 or to register, please visit www.hwye.co.uk , e-mail enter@hwye.co.uk or contact 01483 426577. The closing date for entries is midnight on Thursday, 30 September 2010.